The company recently announced its updated business strategy to exit the traditional kids’ licensed video game category and focus on its core game franchises and digital initiatives. As part of this business realignment, the company is implementing plans to streamline its organization and cost structure to support what will be a smaller company positioned for sustained profitability. The company currently expects these actions will result in a reduction of selling, general and administrative expenses and product development expenditures totaling approximately $160 million from its annualized run rate.

For the fiscal first quarter ended June 30, 2011, THQ reported net sales of $195.2 million, compared with $149.4 million in the prior-year period. On a non-GAAP basis, for the three months ended June 30, 2011, the company reported net sales of $141.2 million, compared with $160.3 million a year ago.

For the three months ended June 30, 2011, the company reported a net loss of $38.4 million, or $0.56 per diluted share, compared with a net loss of $30.1 million, or $0.44 per diluted share, in the prior-year period. On a non-GAAP basis, for the three months ended June 30, 2011, the company reported a net loss of $64.4 million, or $0.94 per diluted share, compared with a non-GAAP net loss of $14.4 million, or $0.21 per diluted share, in the prior-year period.

THQ announced in their Q3 earnings report that the company shipped 1.2 million uDraw GameTablets for the Wii in North America. It’s often hard to peg exactly how many of these “shipped” units were sold to customers, but THQ gave us a hint back in December when they stated that they were seeing a “very significant sell-through” for uDraw.

Looking to extend this sales streak, THQ announced that they will launch the uDraw GameTablet internationally during their March quarter.

I haven’t been interested in a wrestling game since the Nintendo 64 WCW / NWO titles. With Hogan, Macho Man and the Ultimate Warrior in the mix WWE All Stars might have what it takes to bring me back in.

Most Authentic, Accessible Experience in 10 Million Unit-Selling Series’ History

AGOURA HILLS, Calif., Jan 19, 2011 (BUSINESS WIRE) —

THQ Inc. (NASDAQ: THQI) today announced MX vs. ATV(R) AliveTM, the next groundbreaking installment in the 10 million unit-selling franchise, is scheduled for release on the Xbox 360(R) video game entertainment system from Microsoft and the PlayStation(R)3 computer entertainment system for a suggested retail price of $39.99. Featuring an enhanced physics engine and the most authentic motocross racing experience to date, MX vs. ATV Alive will be supported by an unprecedented digital content distribution strategy upon its scheduled launch in May 2011.